By: Barbara Zigah
The U.S. Dollar continues to struggle to make headway against other major currencies while market players take a wait-and-see stance ahead of the release of economic data from the U.S. and Germany. Subdued trading is expected to pick up later this morning after the report on German investor sentiment is released. Analysts expect that corporate earnings reports that will be released later this week from U.S. finance giants, Goldman Sachs and JP Morgan Chase, as well as the U.S. computer giant, IBM and chip maker Intel, will show continued improvement in corporate earnings, thus driving investors to higher risk, higher profiting currencies.
Within narrow trading ranges in London today, as reported at 7:50 a.m. (GMT), the U.S. Dollar Index edged up slightly, trading at 76.25 .DXY, an increase of .15% but still within close range of the 75.767 .DXY low hit last week, which marked a 14-month low.
Evidencing that theory, the New Zealand Dollar traded at $0.7370 against the greenback, a rise of nearly .5; strong NZ retail figures spurred talk among investors that the country’s central bank may soon put a halt to qualitative easing. The Australian Dollar, however, eased back off of an earlier 14-month high on dealer profit taking.
In subdued trading, U.S. Dollar Index Inches Upward
Barbara Zigah
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About Barbara Zigah
After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.